Medical Oxygen Concentrators Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
The medical oxygen concentrators market is likely to witness lucrative growth on account of escalating cases of respiratory disorders like asthma and chronic obstructive pulmonary disorder (COPD). With surge in COVID-19 cases, the global healthcare sector is facing a dire need for effective medical oxygen concentrators.
Various public as well as private organizations are offering extensive support and aid to medical institutions by providing capital and resources required to combat the pandemic. Citing an instance, the National Referral Hospital (NRH) received four new paediatric oxygen concentrators from Rotary Australia World Community Service (RAWCS) in August 2020. These paediatric oxygen concentrators will be proven crucial for ensuring the survival of children that are suffering from COVID-19 and who require immediate respiratory support.
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Technological innovation in oxygen concentrators could play a vital role in enhancing the functionality of these devices and ensuring a convenient and effective oxygen therapy for patients. Meanwhile, growing demand for noise-free, smaller, durable, cost-effective and light-weight devices might strengthen the need for innovation within these devices. According to a report by GMI, Inc., the medical oxygen concentrators market attained a valuation of USD 1.5 billion earlier in 2019 and is projected to record a CAGR of -5.2% by the end of 2026.
The COVID-19 pandemic has severely dampened the global economy and has affected the livelihood of people around the world. Up to this date, nearly 25 million people are suffering from COVID-19 and almost 800,000 people have lost their life. The virus mainly affects the respiratory tract, causing difficulty in breathing for patients.
As a result, the World Health Organization has advised effective oxygen therapy for all patients with critical and severe respiratory conditions. Oxygen concentrator comes as a rich source of pure oxygen for patients while delivering some much-needed benefits of portability.
North America is considered to be an ideal avenue for medical oxygen concentrator manufacturers and has constituted more than 39.5% of the overall market share in 2019. Factors like larger elderly patient population, better spending capacity and awareness regarding various health issues could massively enhance industry growth across the region. North America also has a strong presence of prominent industry players offering innovative device options, thereby influencing its adoption and availability in the region.
Companies operating in the medical oxygen concentrators industry are constantly focusing on implementing organic as well as inorganic business strategies like acquisitions, marketing campaigns and product launches to enhance their market presence. Taking November 2019 for instance, Caire Inc. unveiled a portable oxygen concentrator along with autoSAT technology called, FreeStyle Comfort. The technology supported patients by providing an improved supply of oxygen bolus.
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Partial Chapter of the Table of Content
Chapter 4. Medical Oxygen Concentrators Market, By Product
4.1. Key segment trends, by product
4.2.1. Market size, by region, 2015 - 2026 (USD Million)
4.3.1. Market size, by region, 2015 - 2026 (USD Million)
Chapter 5. Medical Oxygen Concentrators Market, By Application
5.1. Key segment trends, by application
5.2. Home care
5.2.1. Market size, by region, 2015 - 2026 (USD Million)
5.3. Non-home care
5.3.1. Market size, by region, 2015 - 2026 (USD Million)